Market This week (02-06 Aug 2010)

Wait for signals to market turn positive, as of now (closing of previous week), Market looks weak and is likely to slide further down.

The Nifty expected to trade in near support range between 5348 and 5378, the trading levels expected for this week is 5278, 5312, 5352, 5378 and 5418, if the market manage to go above the 5418 level then it will go up further for the new high within this week.

It also depends on the performance of two major heavy weight stocks i.e Reliance and SBI, specially RIL should not fall below the 1000-mark, If so – it can add quite a bit of pressure on the Nifty.

Though the market is optimistic on quarter closing, the week will decide the trend for the August month.

Happy Trading.